Lu Hai Holding Corp. · TWSE:2115
Lu Hai — H1 2019 Earnings Presentation
23 slides from Lu Hai's earnings presentation, 2019
Slide 1: 2019 H1 Business Review
六暉控股股份有限公司 LU HAI HOLDING CORP. 六暉-KY(2115) 2019 H1 Business Review
Slide 2: Safe Harbor Notice
Safe Harbor Notice This presentation and discussion contain certain forward-looking statements with respect to the result of operation, financial condition and current expectation. The forward-looking statement are subject to know and unknown uncertainties and risks that could cause actual results t
Slide 3: Company Profile
Company Profile Foundation：2009.10.19 Chairman/General Manager Stock Listing：2013.12.25 Simon Hsu Capital Number of employees NTD 819.65 million 1,363 (As of July 2019) Production Valves, about 80 % Production Capacity Accessories and others, 66 million pcs / Month about 20% 2
Slide 4: Global Locations
Global Locations XH XH LH (XINLING) (GUANKOU) 1983 1990 2000 LU HAI INDUSTRIAL CORP. XIAMEN XIAHUI RUBBER METAL XIAMEN XIAHUI RUBBER METAL 1. Location：Taiwan INDUSTRIAL CO., LTD (PLANT XINLING) INDUSTRIAL CO., LTD (PLANT GUANKOU) 2. Land area：4,899㎡ 1. Location：Jimei District, Xiamen China 1. Locati
Slide 5: Global Locations
Global Locations KH IH 1997 2011 LUHAI RUBBER METAL INDUSTRIAL PT. LUHAI INDUSTRIAL (KUNSHAN) CO., LTD. 1. Location：Serang, Indonesia 1. Location：Kun Shan, Jiangsu China 2. Land area : 57,777 m² 2. Land area : 36,138 m² 3. Majority Product Category : Motorcycle 3. Majority Product Category : Passeng
Slide 6: XIAHUI New Plant
XIAHUI New Plant LAND CONSTRUCTION PRODUCTION 2018 2018 2020 Acquire land Factory construction Started the production on Jan. 2018 Start on Nov. 2018 on mid-year 2020 Land area ：54,784 m2 Gross floor area：90,240 m2 Floor Area Ratio：1.64 Building density：57% 5
Slide 7: Main Products
Main Products Bicycle Valves Series Motorcycle Valves Series Passenger Car Valves Series Truck, Bus, Agricultural & OTR Valves Series 6
Slide 8: TPMS Valve
TPMS Valve TPMS Legislation RUSSIAN 2016.01 EUROPE JAPAN unknown AMERICA 2012.11 2005.10 CHINA KOREA 2013.01 2020 TAIWAN 2016.07 7
Slide 9: Material Trend
Material Trend Copper Aluminum Rubber Copper (SHFE) Rubber (SHFE) 8
Slide 10: Niche Business Model and Production Process
Niche Business Model and Production Process Achieve economies of scale, renowned brand and leader manufacturer in the field. Material cutting Forging Threading rolling Multiple processing Washing Post- processing Possess well-appointed production line and be able to provide one-stop shopping ser
Slide 11: Financial Results
Financial Results NTD thousand 2016 2017 2018 2019H1 2018H1 YoY(%) Revenue 2,606,582 2,647,010 2,628,778 1,336,021 1,272,362 5.00 Gross Profit 682,178 681,005 561,055 291,179 250,105 16.42 Gross Profit% 26.17 25.73 21.34 21.79 19.66 Operation Expense 276,135 285,804 291,713 141,395 145,412 -2.76 Ope
Slide 12: Financial Results
Financial Results NTD thousand 2016 2017 2018 2019H1 2018H1 Cash and cash 880,938 927,331 824,221 811,721 817,582 equivalents Accounts/Note 706,473 627,733 666,059 695,419 666,862 receivables Inventories 430,083 627,128 565,263 603,773 525,626 Property, plant and 621,704 634,053 723,273 912,086 686,
Slide 13: Financial Results: Quarterly Revenue
Financial Results Revenue 2015 2016 2017 2018 2019 Q1 650,772 617,421 679,120 627,683 673,385 Q2 647,847 664,226 663,527 644,679 662,636 Q3 580,666 639,234 638,372 670,075 Q4 595,342 685,701 665,991 686,341 700,000 650,000 2015 NTD thousand 2016 600,000 2017 2018 550,000 2019 500,000 Q1 Q2 Q3 Q4 12
Slide 14: Financial Results: Gross Profit
Financial Results Gross Profit (NTD thousand) Gross Profit (%) 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Q1 134,301 155,248 192,125 123,139 144,351 20.64 25.14 28.29 19.62 21.44 Q2 145,910 170,507 172,497 126,966 146,828 22.52 25.67 26.00 19.69 22.16 Q3 123,992 167,761 149,156 147,469 21.35
Slide 15: Financial Results: Operating Profit and Net Income
Financial Results Operating Profit (NTD thousand) Operating Profit (%) 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Q1 67,511 86,912 120,369 52,558 75,673 10.37 14.08 17.72 8.37 11.24 Q2 84,035 107,297 102,190 52,135 74,111 12.97 16.15 15.40 8.09 11.18 Q3 59,947 100,617 79,070 70,074 10.32 15.7
Slide 16: Financial Results: Ratios
Financial Results 2016 2017 2018 2019Q1 2019Q2 Debts ratio 32.51 33.05 34.17 31.81 35.97 Capital structure Long term funds to analysis (%) 398.09 373.34 389.66 379.76 303.80 fixed assets Liquidity Current ratio 408.74 268.74 423.90 470.90 298.42 analysis (%) Quick ratio 324.89 196.85 316.68 356.55 2
Slide 17: Revenue Breakdown by product category
Revenue Breakdown by product category 2017 17.24% 21.24% 2019 H1 5.73% 6.67 配件及其他 Accessories and others 13.99% 35.13% 17.41% 腳踏車 BC 21.60% TPMS類 7.05% 汽車 PC 4.21% 2018 機車、電動摩托車 14.62% MC、 Electric MC 17.56% 19.87% 卡車及非道路用車 35.11% T/B、L/T、AG、Otr 7.47% 5.30% 14.55% 35.26% 16
Slide 18: YoY Quantities by Products
YoY Quantities by Products Unit：thousand pcs 機車、電動摩托車 卡車及非道路用車 腳踏車(BC) (MC, E-MC) (T/B, L/T, AG, OTR) 汽車(PC) TPMS +4.91% +9.08% 92,998 97,563 123,253 134,445 +2.30% -16.35% +0.26% 10,192 10,426 17,869 14,948 5,334 5,348 2018H1 2019H1 2018H1 2019H1 2018H1 2019H1 2018H1 2019H1 2018H1 2019H1 17
Slide 19: Revenue Breakdown by Locations
Revenue Breakdown by Locations 2018H1 營業收入占比 2019H1 營業收入占比 67.12% 70.94% Revenue 28.69% 22.56% 18.86% 23.15% 1.43% -14.68% -18.07% 六暉控股公司(LHH) 廈暉公司(XH) 昆山六暉(KH) PT.LUHAI 調整及沖銷 與其他(Other) YoY ▲10.97% ▼ 17.45% ▲28.88% ▼29.28% 2018H1 稅前淨利占比 2019H1 稅前淨利占比 78.05% 78.36% Income before tax 16.37% 19.06% 18
Slide 20: Revenue Breakdown by Area
Revenue Breakdown by Area 中國China 印尼Indonesia 其他others 2019H1 43.68% 27.56% 28.76% 2018H1 47.81% 23.48% 28.71% 47.81% 43.68% 28.71% 28.76% 2018H1 2019H1 27.56% 中國China 23.48% 2018H1 2019H1 其他others 2018H1 2019H1 印尼Indonesia 19
Slide 21: Financial Results
Financial Results 96,239 27.66 27.44 27.90 27.18 82,801 85,669 26.81 76,188 56,065 Net Value Depreciation per share(NTD) 2015 2016 2017 2018 2019H1 2015 2016 2017 2018 2019H1 162 162 19.77% 18.08% 152 148 EBITDA 15.80% 15.00% 15.17% 147 Average Monthly margin Revenue by person (NTD thousand) 2015 20
Slide 22: Financial Results: Foreign Exchange
Financial Results NTD thousand Foreign 2015 2016 2017 2018 2018H1 2019H1 Exchange Gain/(Loss) 17,435 14,325 (17,681) 4,907 (3,707) (1,292) Sales % 0.70 0.55 (0.67) 0.19 (0.29) (0.097) USD/RMB USD/INR 7.20 16,000 7.00 15,000 6.80 14,000 6.60 13,000 6.40 12,000 6.20 11,000 6.00 5.80 10,000 1月 2月 3月 4月
Slide 23: THANK YOU!!
THANK YOU!! 全球產量第一 台灣氣門嘴領導品牌 We Deliver the Best Quality & High-end Technology from Taiwan. 六暉控股股份有限公司 LU HAI HOLDING CORP. http://www.luhai.com.tw E-mail://spokesman@luhai.com.tw